G7 Leaders Pledge Further Economic Isolation of Russia

The Group of Seven G7 will reinforce Russia’s economic sanctions and elevate a campaign against billionaires and people who support President Vladimir Putin.

According to a joint statement released with Ukrainian President Volodymyr Zelenskiy, leaders of the top global economies committed to reinforce the isolation of Russia “across all sectors of its economy” while keep sanctioning President Putin, high-ranking officials and those who have benefited from his lasting regime.

So far, Russia’s central bank assets have been frozen stopping it from using its $630 billion of foreign currency reserves, plunging the rouble and leading to a 14% rise in the national inflation rate.

While major Russian banks have been removed from the international financial messaging system Swift, the U.S. also barred Russia from making debt payments using the $600 million it holds in U.S. banks.

Among new sanctions announced stand out a commitment to phasing out dependency on Russian energy.

While Germany has frozen plans for the opening of the Nord Stream 2 gas pipeline from Russia, the EU has also said it will halt Russian coal imports by next August.

President Putin still calls the Ukraine invasion a “special military operation” to fight anti-Russian nationalism fomented by the West. Ukraine and its western allies claim that Russia launched an unprovoked war, so sanctions are justified.